My Terrible Experience with Nationwide

AndriaG

Hi, I have been using this site for a while now but have never really felt that i had any advice to give anyone (i prefer to leave it to the pros), but a recent experience with Nationwide has led me to share my experience with others who may be thinking about using them as a mortgage provider, please note that i am not on a Nationwide bashing mission and that all of what i am about to write may well be a one off and is purely based on my own experiences.

I was offered a mortgage in principle by Nationwide via countrywide, i earn around £60k PA on my main job and £35k PA on a second job so on the affordability scale (based on only my £60k job taking outgoings into consideration) they would have lent me around £280k 80% LTV but i was only applying for £170k and putting down a deposit of £50k from savings. I submitted all required paperwork P60, payslips, job contract etc. and waited for it to go through. About 2 weeks later after chasing my FA i was told that Nationwide had declined it based on affordability?? Both I and my FA were surprised by this and i was advised that it must be a mistake so the FA contacted his guy in Nationwide and he too was surprised by this and said he would look into it.

A few days passed and after chasing again we were told that the decline was based on a credit check?? again we were both surprised as not only did they credit check me before the original deal in principle was agreed but i have had 4 mortgages in the past and never missed a single payment, all my previous mortgages have been paid off in full and my credit score (according to the big 3) was spotless. Yet again my FA went back to them with this and they hummed and hawed (in-between times i had a text from Nationwide informing me that my mortgage application had been cancelled in line with my request????????)

My FA escalated it to his senior manager as he felt it was clear that there was something seriously wrong with Nationwide’s behaviour, She in turn asked for it to be escalated to someone in Nationwide who would be able to look at this in detail instead someone in a call centre who was reading from a script which always ended up with "The computer says no".

More time passed and during that time i have been asked for documents (which had already been supplied) and i am pulling my hair out, i know i shouldn’t be letting it get to me but i have had 4 mortgages in the past and i have never had such a terrible experience with a lender. I know at the end of the day its Nationwide’s money and they can lend to whomever they want (or not) but the level of customer service nee common sense is NIL.

I am now 4 weeks closer to my move in date and the mortgage i was offered in principle looks like it will fall through based on......well based on nothing, i have instructed my FA to bin Nationwide if they have not fixed this by close of business today and i will go with a lender who is able to offer at least a very basic level of competence and customer service.

And to top it off....I actually bank with them!!!!!!!! (Or did) :mad:

To say i am hacked off is an understatement, My FA is telling me his company will be removing Nationwide from his panel of preferred lenders (although that may just be for my benefit but he genuinely seems annoyed too.)

Sorry for the rant, i just wanted to get it off my chest and maybe to see if anyone else had this kind of experience with them or another lender.

Dave_Ham

I feel for you, not nice.

Think you are aiming your rant in the wrong direction though, I almost guarantee that this will be our friendly mortgage advisor at the Estate Agents..

Nationwide are usually totally straightforward to deal with and transparent at inception what they want and when.

I would bin the advisor and quickly before they scupper your move, talk of removing them from their panel is nothing short of a joke.

I can get a full offer from Natiowide within 2 weeks and whilst they may be a bit tighter on income multiples, what you are doing seems straightforward.

All the best

AndriaG

hi Dave thanks for the reply.

I dont understand how it could be the estate agency as it was Nationwide who first said affordability was the problem and then switched to credit checking.

Are countrywide prone to making a hash of things as the FA has been quite good in my opinion (based on previous FA's)

you have given me food for thought though

harvey115

The problem is that majority of the FA/Mortgage Broker as they say from estate agencies are just playing along to get your money with no real experience of proper financial advisory and contacts with the lenders (underwriters) to provide you with a suitable solution.

It could be that the advisor is just giving you false details...

AndriaG

harvey115 wrote: »

The problem is that majority of the FA/Mortgage Broker as they say from estate agencies are just playing along to get your money with no real experience of proper financial advisory and contacts with the lenders (underwriters) to provide you with a suitable solution.

It could be that the advisor is just giving you false details...

thanks for your input, my FA has escalated this to his senior manager so hopefully she has more experience or a better relationship with the underwriter (apparently it has been escalated to a senior underwriter too)

so stressfull.:(

GMS

What term are you applying for?

Dave_Ham

There is honestly no such thing, just makes you feel better it is being dealt with by someone senior.

I could tell you within 10 minutes if an AIP has been accepted and Nationwide then tell you what they want in terms of proof etc.

I could actully tell you with just your credit file whether or not Nationwide would accept you, honestly this will be your broker and not Nationwide.

My gut feel is you are wasting time with the advisor and remember the negotiator will be seeing the issues you are having (on the face of it) and will be getting nervy on the property sale.

AndriaG

hi, its a 20 year term, they did give an AIP, asked for docs which were duly provided but then came back and said declined based on affordability (or t least that is what the broker is saying) i am begining to worry that he is the problem and not NW

GMS

Try putting your information in this:

http://www.nationwide.co.uk/mortgages/calculators/howmuchborrowafford.htm

Do you have high levels of unsecured credit?

Is the house standard construction?

Could be any number of reasons for a decline but on the face of it affordability looks ok.

Is your income from employment or self employment?

harvey115

I would definitely think that the FA is the problem rather then NW.

I thin you should either go to a better broker as soon as you possibly can.

borkid

I know this might be a rather naive question but why do people go through FA if there doesn't seem to be any problems with affordability? I have had a couple of mortgages with Nationwide and no problems at all. The last we took out about 10 years ago and my OH had already taken early retirement. Just made an appointment and then took all documents, pay slips etc along which were photocopied and returned the same day. We were given an offer in principle then when we found the house and survey done an offer for the property.